Pathfinder profits rise in the fourth quarter

The holding company of Oswego-based Pathfinder Bank reported its fourth-quarter profits increased 18 percent compared to year-ago levels, while profits for 2008 were nearly 67 percent lower than 2007 profits.

Pathfinder Bancorp Inc. reported net income of $574,000, or $0.23 per share, for the fourth quarter, compared to $485,000, or 20 cents per share, for the same period in 2007.

The company reported net income of $368,000 or 15 cents per share, for 2008, compared to net income of $1.1 million, or 45 cents per share, for 2007. Last year's earnings were affected by $1.6 million in unrealized losses associated with other than temporary impairment charges on four securities within the company's investment securities portfolio.